Now that spring is in full swing Nick Churton of Mayfair Office comments on how the property market is responding to the warmer weather.
Here in London we have been busy with Springwatch. This isn’t the BBC wildlife show. Instead we have been actively watching for those signs that the spring property market has burst into life.
While our hedgerows have been in glorious blossom and many of our woodlands thick with bluebells the market too has been showing clear signs of new life. But this is not all down to the seasonally warm weather.
Despite continuing difficulties with mortgages and nervousness about the economy and employment, buyers, especially in the middle market sector, have failed to be put off and numbers of viewings over the past few weeks have been rising steadily. This always augurs well for sales and we anticipate that after a glorious Easter in most parts of the UK, and the royal wedding, there will be even greater activity throughout May.
But what is really needed right now is some more property coming onto the market. Would-be sellers are being a little reticent. Consequently there is not so much stock at the moment and buyers would certainly like a little more choice. Normally this would point to a sellers’ market. But, while active, buyers are also being cautious, and are not exactly rushing to buy. They are taking their time before making offers, they are fully investigating the market and are steering away from any property that smacks of being overpriced.
All this has produced a balanced market with prices generally neither going up nor down – although there are exceptions. Which way the pendulum will swing – towards rising or falling prices – only the next few months will tell. We should be able to tell you much more by the time we are into Autumnwatch. In the meantime enjoy a summer with a property market that is putting few under heavy pressure to buy or sell. But sellers should still beware of being a little too optimistic with price. Buyers are not in the mood, and we should always remember that property is only worth what someone will pay for it.